Common use of Uniform Customs Clause in Contracts

Uniform Customs. Except as otherwise expressly stated in any Letter of Credit, Borrower agrees (A) that L/C Issuer and any of L/C Issuer’s correspondents may receive and accept as a “▇▇▇▇ of Lading” under any Letter of Credit any document issued or purportedly issued by or on behalf of any carrier which acknowledges receipt of Property, whatever the specific provisions of such document; and (B) that L/C Issuer and any of L/C Issuer’s correspondents may accept documents of any character which purportedly comply with the current Uniform Customs, or which comply with the laws or regulations in force in the customs and usages of the place of negotiation. In addition, any Standby Letter of Credit shall be governed by and construed in accordance with International Standby Practices, Publication No. 590 of the International Chamber of Commerce (“ISP98”). As to matters not covered by ISP98 and to the extent not inconsistent with ISP98, such Standby Letter of Credit shall be governed by the laws of the State of New York, including the Uniform Commercial Code as in effect in the State of New York.

Uniform Customs. Except as otherwise expressly stated in any Letter of Credit, Borrower agrees (A) that L/C Issuer and any of L/C Issuer’s 's correspondents may receive and accept as a “"▇▇▇▇ of Lading” " under any Letter of Credit any document issued or purportedly issued by or on behalf of any carrier which acknowledges receipt of Property, whatever the specific provisions of such document; and (B) that L/C Issuer and any of L/C Issuer’s 's correspondents may accept documents of any character which purportedly comply with the current Uniform Customs, or which comply with the laws or regulations in force in the customs and usages of the place of negotiation. In addition, any Standby Letter of Credit shall be governed by and construed in accordance with International Standby Practices, Publication No. 590 of the International Chamber of Commerce (“"ISP98”"). As to matters not covered by ISP98 and to the extent not inconsistent with ISP98, such Standby Letter of Credit shall be governed by the laws of the State of New York, including the Uniform Commercial Code as in effect in the State of New York.